To get started, I bought some bitcoins using the website localbitcoins.
As for forex regulation, I'm not sure how legal it is. It is a grey area. Bitcoins can be bought from Indians who have mined bitcoins. The day that a site such as Amazon or Facebook uses bitcoins, is the day that the currency becomes mainstream.
I was interested in buying a bitcoin mining add on from Butterfly but they do not have a shipping product. Doing further research, I found a company called ASIC Miner that allows a person to buy shares in it and pays out dividends based on how much bitcoins it mines (they use specialised hardware which is faster than normal computer parts and is more efficient with electricity.) You can google "ASICMiner-PT" and you'll get to a faux stock exchange called BTC Trading Corp that was setup because the original stock exchange the shares were sold on had collapsed.
At this point, I wouldn't invest more than half a lakh in bitcoins (government only really takes notices of transactions worth more than 50,000 INR) but it'd be interesting to see how things mature over the next 3 years.